Foreign exchange amendment: insertion of 'non' before 'whole time director' alters applicability of prior notification. The Reserve Bank, under Section 3 of the Foreign Exchange Management Act, issues Notification No. FEMA/39/2001-RB amending Notification FEMA/16/RB-2000 by inserting the word 'non' before 'whole time director' in paragraph 3; the amendment takes immediate effect and alters the descriptive qualification in that paragraph concerning receipts from and payments to persons resident outside India.
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Foreign exchange amendment: insertion of 'non' before 'whole time director' alters applicability of prior notification.
The Reserve Bank, under Section 3 of the Foreign Exchange Management Act, issues Notification No. FEMA/39/2001-RB amending Notification FEMA/16/RB-2000 by inserting the word 'non' before 'whole time director' in paragraph 3; the amendment takes immediate effect and alters the descriptive qualification in that paragraph concerning receipts from and payments to persons resident outside India.
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